Meanwhile, the stock is up 8% today. Because maybe this shows Mark isn't as crazy as investors thought.
Well he apparently kept all the ones working on second life VR. It's a gamble.
Meta lays off 11,000 people
561–570 of 1001 posts
Re: Meta lays off 11,000 people
#562Earlier quoted context omitted.
I think a Bayesian perspective is helpful here. 1) How likely is it that Zuck makes that statement if he feels like he is responsible? 2) How likely is it if he doesn't feel responsible? I think the answers to those questions are quite similar, in which case hearing the statement doesn't actually tell us much.
Just to elaborate on this since I had to think about it and I might save someone else the effort: Let M = Makes the statement Let R = Feels Responsible Notation: ~R = Not R Answering OP's questions 1 & 2: I think it's safe to assume P(M|R) = P(M|~R) = 1 So P(M) = 1 So Bayes' theorem simplifies as follows: P(R|M) = P(M|R)P(R)/PM) = P(R) Thus, OP's point is that the statement tells us essentially nothing about the prob…
Yes, thank you! I appreciate that. I should have elaborated in my OP.
https://arbital.com/p/bayes_rule/ has some great follow up info.
Re: Meta lays off 11,000 people
#563> Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. I mean people who had financial gain on the line (like yourselves) pretended this was the case so you could cash in at the time and then pull the rug once it wasn't working any more (as you're doing now), but everyone with half a brain knew it wasn't sustainable. Literally how could that acceleration be p…
FB is making $30+bn a year profit, and is laying off people to reduce costs by $2b. They could continue to pay these people. Large corporations are insane. Every small and medium company would wait to do layoffs until it threatened the business. Some even until after that point. Layoffs are awful. Large corps, nah. Just lay people off if we get a little nervous! Note, I don't think these corps are entitled to employ…
They are laying off people because the value of the company just tanked 70% in a few months. The value of a company contains all the future estimated discounted earnings, the trend of earnings matters more than current earnings. The actions of a company is determined by what its shareholders want, which is to maximize stock price, not be satisfied with X billions in profits when the stock is down 70%. The actions of companies will remain a mystery to people who do not understand this.
Re: Meta lays off 11,000 people
#564So, after Twitter and Meta layoffs there will be around 15,000 people looking for the job. In one moment. With other layoffs it can be counted over 20,000 people IMHO. Will this over flood the market and bring expectations and salaries down?
Not all these people have the same jobs though so I’m not sure what you are getting at.
Re: Meta lays off 11,000 people
#565Best is to know finance/unit economy/burn etc of your employer in good as well as bad times!
Re: Meta lays off 11,000 people
#566> I got this wrong, and I take responsibility for that. As always with these things, I wonder what taking responsibility actually means in practice. Businesses usually try to find ways to correct for major failures in decision making. In the case of Zuck, given his ownership, does anything actually happen or change? I'm sure his net worth has been reduced by changes to Meta's share price, but he was a multi-billionai…
It just means he accepts the blame, and holds no one else responsible.
Do people want him to fire himself to show he means it, or what?
Re: Meta lays off 11,000 people
#567Seriously, what exactly does “I take responsibility for this” mean? Is Mark Zuckerberg going to resign as CEO or step down from the board or go with no pay for a year or two (including bonuses)? He says he’s accountable, but how exactly does this move hit him hard (except for a punch to his ego)?
If there are no consequences of significance for him, what’s the meaning of those words? What do the people who aren’t laid off to trust anymore?
Re: Meta lays off 11,000 people
#568"We’ve shifted more of our resources onto a smaller number of high priority growth areas [like] our long-term vision for the metaverse" Imagine laying off eleven thousand people so you can keep clinging to the disintegrating corpse of the metaverse.
Honestly, it is amusing to see him put so much effort into 2nd life II , but: How can you call it a disintegrating corpse when it's been in the public eye for what, a few months? I don't get it.
third life
Re: Meta lays off 11,000 people
#569Earlier quoted context omitted.
What would him taking responsibility in practice look like to you?
Good question. I don't know the answer. And that points to the problem, really. In rhe world as ut is, there isnt really a way to realistically imagine a CEO doing anything meaningful to take responsibility for a self-admitted error lile this. If, just for the sake of argument, I said he should resign or compensate the affected people out of his own pocket, I'm fairly sure that people here would think I was being nai…
I think people who say it's meaningless are wrong.
Saying you take responsibility is about clearing the workers of fault, it's not about thing you will reform or somehow suffer more than they will.
He could go out there and say it's not my responsibility, it is the workers fault. They underperformed. Most CEOs don't want to do that
Re: Meta lays off 11,000 people
#570I'm old and this is the third time around for these sorts of layoffs in tech. (Was around for dot-com bust of 2000-ish and financial meltdown post-2008.) One thing you want to keep in mind is that decent severance packages are usually only a thing for the FIRST round of layoffs. There will be more, and the payouts will be a LOT worse. Just, FYI.
I survived two rounds of layoffs in 2008/2009 and they went as you describe. The first round had significantly better benefits. Which, ironically, ended up going to the worst performers.
That said, the company where I experienced the layoffs was losing money and the first layoff was 2-3% of the workforce. Meta is still quite profitable and they are axing well over 10% of their employees. I would think another big round of layoffs is unlikely unless Meta has a bunch of debt coming due or the macro conditions REALLY go in the crapper (and there sure are a lot of doomsayers out there).